An Open letter to Congress: A Plan for Restoring Economic Health

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Lawmakers are leading the economy – and U.S. citizens – down the wrong path. But Money Morning Contributing Editor Martin Hutchinson, a formal international merchant banker and currency adviser, has a plan to get the country back on track.

U.S. policymakers – including President Barack Obama, members of Congress and members of the U.S. Federal Reserve – have given the economy a short-term boost of adrenaline at the expense of long-term financial stability. This will affect the Federal Budget Deficit and the U.S. Economy.

That's the belief of Money Morning Contributing Editor Martin Hutchinson, who writes that tepid growth, inflation, and unbearable tax increases are what lie ahead for U.S. citizens if these destructive fiscal and monetary policies that have loaded the country up with debt are not redressed.

But Hutchinson has a solution that he believes will save the country from these disastrous missteps. And he's taken it upon himself to detail his plan for rejuvenating the economy in an open letter to President Obama and members of Congress. In his letter, the former merchant banker and currency adviser details a five-point strategy that will get the U.S. economy back on track.

According to Hutchinson, President Obama's 11th-hour deal with Republicans to cut taxes and extend jobless benefits was a good start, but "without further action, the U.S. economy will not return to full health. Instead, after a few months of stimulated activity, inflation will return, bond yields will soar to uncomfortably high levels, and recovery will be choked off, prolonging the misery of high unemployment."

Indeed, more needs to be done – much more. And slashing pork-barrel spending and fixing Social Security are just start of his plan.

To see the rest, simply read Hutchinson's "Open Letter to Congress: An Open Letter to Washington: How to Slash the Federal Budget Deficit and Save the U.S. Economy" (LINK).

If policymakers are smart enough to heed Hutchinson's advice, they will have earned re-election and the right to represent this country. But if they're not, then the U.S. economy will fail to recover and the American people will rightly react harshly in 2012.

(**) Please feel free to repost this story on your website. If you do so, though, please include a link to the original article in Money Morning.

William Patalon III
Executive Editor
Money Morning

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Bret Holmes